Monde Nissin returns to profit in 2024

MANILA, Philippines — Snack food giant Monde Nissin Corp. expects sustained revenue expansion this year after posting strong core earnings growth in 2024.

Monde reported a core net income attributable to shareholders of P9.8 billion in 2024, up 29 percent year-on-year.

Reported net income amounted to P450 million, a turnaround from the P626.6-million net loss recorded in 2023.

The company attributed the growth to a 23.4-percent year-on-year increase in Asia-Pacific branded food and beverage (APAC BFB) core net income, which reached P10.6 billion for the full year.

Consolidated revenue improved by 3.7 percent to P83.1 billion from the previous year’s P80.2 billion.

“Our APAC BFB business delivered strong top line growth and profitability, resulting in record revenues and core net income for both the quarter and the year. This success was driven by volume growth across all categories,” Monde chief executive officer Henry Soesanto said.

Driven by volume growth in all categories, Monde’s APAC BFB net sales grew by 5.4 percent to P69.5 billion in 2024.

Revenue of its meat alternative business, meanwhile, declined by 9.3 percent on a comparable and constant currency basis for the full year as category softness continues.

“We anticipate mid-single-digit revenue growth in 2025, while we expect full year gross margin to be broadly in-line with last year. Margin trends will vary quarter to quarter based on our cost savings plans, commodity lock ins and base comparisons,” Soesanto said.

Soesanto said the company achieved EBITDA neutral last year by focusing on cost reduction and efficiency improvements.

“However, the challenging environment led to an additional impairment of P6.8 billion after tax, due to a tempered EBITDA cash flow forecast and a higher weighted average cost of capital. Despite ongoing revenue challenges, we expect a noticeable and durable improvement in EBITDA this year compared to the largely breakeven numbers we have seen over the past couple of years, reducing the risk of further impairments,” he said.

A global food and beverage company headquartered in the Philippines, Monde is behind iconic and market leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods and Quorn meat alternative products.